A limited constitutional government calls for a rules-based, freemarket monetary system, not the topsy-turvy fiat dollar that now exists under central banking. This issue of the Cato Journal examines the case for alternatives to central banking and the reforms needed to move toward free-market money.

The more widespread use of body cameras will make it easier for the American public to better understand how police officers do their jobs and under what circumstances they feel that it is necessary to resort to deadly force.

Americans are finally enjoying an improving economy after years of recession and slow growth. The unemployment rate is dropping, the economy is expanding, and public confidence is rising. Surely our economic crisis is behind us. Or is it? In Going for Broke: Deficits, Debt, and the Entitlement Crisis, Cato scholar Michael D. Tanner examines the growing national debt and its dire implications for our future and explains why a looming financial meltdown may be far worse than anyone expects.

The Cato Institute has released its 2014 Annual Report, which documents a dynamic year of growth and productivity. “Libertarianism is not just a framework for utopia,” Cato’s David Boaz writes in his book, The Libertarian Mind. “It is the indispensable framework for the future.” And as the new report demonstrates, the Cato Institute, thanks largely to the generosity of our Sponsors, is leading the charge to apply this framework across the policy spectrum.

QDR: The Pentagon Hedges

I do see some value in the exercise, however. So let’s not “forget it” just yet.

By constructing a rationale to justify our existing defense posture, and providing a blueprint for force planning into the future, the QDR can be particularly useful for taking on some sacred cows. For example, the proposals to cancel the CG(X) cruiser, shut down production of the C-17 and the F-22, restructuring the DDG-1000 destroyer and the Future Combat Systems program, are sure to rile up members of Congress who continue to treat the defense budget as just another vehicle for dispensing pork barrel goodies to a handful of constituents. By singling these programs out as inconsistent with our strategic objectives, the QDR forces the advocates of these programs to come up with different rationales, beyond the inevitable “jobs, jobs, jobs” mantra.

But the QDR can only do so much. The real culprit driving an enormous defense posture is a national security strategy which presumes that the United States is, and always will be, the world’s indispensable nation. We need a different grand strategy, one that would shift some of the burdens on our friends and allies around the world who have grown too comfortable under the U.S. security umbrella.

There is vague language in the QDR about evolving our strategic posture in different regions, and emphasis on building capacity, but the bottom line is the same as it has been for decades: a de facto permanent presence for U.S. forces in Europe and Asia, and continued attention to security in “key regions” (a phrase that appears seven times), which could be construed as everywhere in the world.

For nearly two decades, the United States has been the policeman for the world. If the senior civilian leadership in the White House had decided to push other countries to take responsibility for their own security, and for security in their respective regions, the QDR might have become a vehicle for responsibly shaping a smaller military that is explicitly oriented toward defending U.S. security. Instead, because the military is convinced that they will be expected to answer all of the world’s 911 calls for the foreseeable future, the Pentagon hedged its bets.